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Real Estate newsletter: Billionaire shatters California price record

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Welcome back to the Real Estate newsletter. Records are meant to be broken, and this week, California’s home sale price record was obliterated once again.

The new crown belongs to billionaire venture capitalist Marc Andreessen, who paid $177 million for a sprawling seven-acre compound on the ocean in Malibu. It’s by far the most ever paid for a home in California, beating out Jeff Bezos’ $165-million purchase of the famed Warner estate last year. (It also marks the second record Bezos has ceded this year after Elon Musk eclipsed him to become the world’s richest man — and made sure to troll the Amazon founder along the way).

Andreessen, the investor and software engineer who co-created Mosiac, one of the first web browsers, bought the place from fashion mogul Serge Azria, who’d been quietly shopping it around for $218 million.

Here are some things off the top of my head that Andreessen could’ve bought with $177 million instead: 354,000…

Click here for full article…www.latimes.com